(a) transactions where the approved stablecoin is exchanged for fiat or other crypto-assets with the stablecoin issuer or with a CBB licensed crypto asset licensee;

(b) transactions where the approved stablecoin is used as collateral for the purpose of conducting transactions with financial instruments;

(c) transactions where the approved stablecoin is used to settle derivative contract;

(d) other transactions with the approved stablecoin where the stablecoin issuer has reasonable grounds to assume that the purpose of the respective transactions is not to pay for goods and services. In order to exclude from the estimate, the stablecoin issuer shall be able to demonstrate to the CBB, upon request, that those transactions do not relate to the use of approved stablecoins to pay for goods and services.